Report: JPMorgan Returns $600 Million of MF Global Funds

JP Morgan’s collateral issues just got worse.
The troubled bank reportedly has relented and will return $600 million in stolen MFGlobal client funds to the MFG trustee, 7 months after MFG’s bankruptcy.
While this is clearly a major victory for MF Global clients (including several SD readers who are still missing over $100,000 in their private accounts), what about the missing 1.4 million ounces of physical silver?

NEW YORK (AP) – JPMorgan Chase has returned about $600 million that was held at the bank when securities firm MF Global Holdings Ltd. failed last fall, according to a news report.

The Wall Street Journal also reported Saturday that a bankruptcy trustee representing MF Global’s customers might pursue JPMorgan for several hundred million dollars in additional claims.

The newspaper cited unnamed people familiar with the matter and with the investigation into MF Global’s collapse.

MF Global failed in October after a calamitous bet on European debt spooked its investors, partners and clients. The collapse left an estimated $1.6 billion hole in customer accounts at MF Global.

The recovered money will eventually be passed along to customers.

JPMorgan declined to comment. A call to a representative for bankruptcy trustee James Giddens wasn’t immediately returned.Read more:

JP Morgan sure did think they where mightier than God but the recent inquiries into their mishandling of their Derivatives and their loses has caused them to own up to some of their miss deeds because of the subpoenas that they where served with. Thanks to Doc on this site for keeping the case in the public eye. Thumbs Up.

There is strong evidence suggesting MF Global was sacrificed to prevent a silver default on the COMEX. Remember, all the accounts were frozen. No one standing for delivery was able to take delivery. These banksters are like magicians and misdirect your attention. I suspect it’s not about the $$$. Those are easy enough to replace. It’s about the physical silver. Can’t print the phyzz.

I do not understand. I thought children in government-run schools were taught the Ten Commandments, one of which is “Thou shalt not steal”.

Ah….

Perhaps the elite men at JPMC are a product of the modern government-run education system, you know, the one that does not want children’s self-esteem to be hurt by the Ten Commandments, percentage-based grades or any dogmatic truth.

Perhaps the JMPC elites were taught that what really matters in life is feeling good, and that they should do what feels good and avoid what feels bad.

Stealing and deceiving makes them feel good, honesty and honouring God with their lives doesn’t. Perhaps they are not really criminals, but merely products of government-run programs which teach to get in touch with their inner selves, feel good about themselves and embrace their inherent goodness as individuals, seeking out their happy place through New Age guided imagery when their conscience is pricked for having broken several of God’s laws.

Who are all these Bible-thumping biggots who protested outside their schools saying that the removal of the Ten Commandments and the introduction of New-Agey feel good positive-thinking relativism in government schools would ruin them years down the road?

Who knows, maybe they’re trying to forget about their sins and the lurking the FBI by engaging in guided relaxation techniques with their favorite New Age guru as I write this.

I recommend they be given nothing but a good King James Version Gideon Bible once in Prison.

A country founded on God rose to the top. A country dissed God and is collapsing. They have replaced God with paper and I know he’s not very happy about it. The last days are upon us for this country’s greatness.

Great observation, 2 oz. I have been thinking about our situation as a country and have come to the same conclusions that you have. As I look at the future, I believe that the hard times coming our way will come to be known as “the time of testing”. This will be the time when all manner of awful things come to those who have shunned God. It will be a hard time for all of us at best but those who love God will come through the next 5-6 years. Those who do not will be put in the company of another master whom they seem to prefer… and the, uh, Hell of it is, money burns and PMs do not. They are symbols of purity and cleanliness; two things that will soon be in very high demand.

THE ANALYSIS AND DISCUSSION PROVIDED ON SILVERDOCTORS IS FOR YOUR EDUCATION AND ENTERTAINMENT ONLY, IT IS NOT RECOMMENDED FOR TRADING PURPOSES. THE DOC IS NOT AN INVESTMENT ADVISER AND INFORMATION OBTAINED HERE SHOULD NOT BE TAKEN FOR PROFESSIONAL INVESTMENT ADVICE. THE COMMENTARY ON SILVERDOCTORS REFLECTS THE OPINIONS OF THE DOC AND OTHER CONTRIBUTING AUTHORS. YOUR OWN DUE DILIGENCE IS RECOMMENDED BEFORE BUYING OR SELLING ANY INVESTMENTS, SECURITIES, OR PRECIOUS METALS. WE DO NOT SHARE IN YOUR PROFITS, AND THUS WILL NOT TAKE RESPONSIBILITY FOR YOUR LOSSES AS WELL.